Is LOT's spring 2005 IPO cleared for take off ?

He said that the carrier needs capital and that an IPO is the ideal means to this end. However, for the Treasury Ministry the priority is for the company to first improve its financial results. LOT still appears to have a long way to go before this happens. Its Q1 results showed that it is "just about in the black", while high oil prices continue to have a negative effect on its results. Garbarek reiterated that LOT is continuing its 2004-06 cost-cutting program, which should help boost end of year profits. He added that the company is concerned about the construction of the second terminal at Warsaw's Okęcie airport, but hopes that the design can be modified to reduce the costs LOT will have to pay when using it. The design of the terminal has been heavily criticized by airlines fearing poor traffic organization. (Parkiet, p. 5) T.J.